Press release -
Nidec and Groupe PSA Completes the Establishment of Joint Venture for Automotive Electric Traction Motors
Released on May 16, 2018, in Kyoto, Japan
As announced on December 4, 2017, Nidec Corporation (TSE: 6594; OTC US: NJDCY) (“Nidec”) and Groupe PSA have completed the establishment of the joint venture that develops, manufactures and sells automotive electric traction motors. The profile of the joint venture is as follows.
1. Information on the Joint Venture:
| Nidec PSA emotors |
| Carrières sous Poissy, Paris region, France |
| Tremery, Grand Est region, France |
| Ghislain Boiteau, Nidec’s executive |
| May 16, 2018 |
| R&D, production, and sale of automotive electric traction motors and inverters |
| 40 (the joint venture plans to hire additional 30 engineers by the end of summer 2018, and more in line with business expansion.) |
| €15 million |
| Nidec Leroy-Somer Holding: 50% PSA Automobiles SA: 50% |
2. Effect on Financial Performance for the Current Fiscal Year
The Transaction is expected to have no significant impact on Nidec’s consolidated financial performance for the fiscal year ending March 31, 2019. Nidec will make additional disclosure on a timely basis in accordance with the rules of the Tokyo Stock Exchange upon determination of further details.
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements regarding the intent, belief, strategy, plans or expectations of the Nidec Group or other parties. Such forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors, including, but not limited to, the risks to successfully integrating the acquired business with the Nidec Group, the anticipated benefits of the planned transaction not being realized, changes in general economic conditions, shifts in technology or user preferences for particular technologies, other risks relating to the successful consummation of the planned transaction, and changes in business and regulatory environments. The Nidec Group does not undertake any obligation to update the forward-looking statements contained herein or the reasons why actual results could differ from those projected in the forward-looking statements except as may be required by law.
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Nidec was established in Kyoto, Japan in 1973 by its Chairman, President and CEO Shigenobu Nagamori. In 1979, Nidec became the first company in the world to successfully commercialize a direct drive spindle motor for HDDs based on a brushless DC motor. Since then, the company has grown into a world-leading comprehensive motor manufacturer encompassing approximately 300 subsidiaries employing over 100,000 people throughout the world and with annual sales exceeding $10B. Nidec's motors, drives, generators and related products are found in a diverse range of applications including computers, smartphones, home appliances, automobiles, manufacturing plants, robots and more.
